Pensioners’ worst money worries revealed

More than a fifth of pensioners in the South East say their worst financial fear is that their savings will run out, a charity has revealed.

Independent Age’s poll found almost a third run out of money before the end of the month, one in seven didn’t expect to have enough to pay for their own funeral and excluding mortgage debt, more than a fifth had dues of more than £1,000 on average.

Lucy Harmer, Director of Services at the older people’s charity, said: “These results clearly show that many older people in the South East are worrying about their finances and don’t always know who to turn to for advice.

“Topping up your income becomes much more difficult the older you get, but bills still need to be paid. However, there is help available. Anyone who needs more information about how to save money and boost their income should order a copy of our free Moneywise guide or call our free advice line.”

A spokesman added 42 per cent of people aged 65 or more in the South East had never checked to see if they would be eligible for benefits such as Pension Credit or Council Tax Reduction and 49 per cent didn’t know they could get a 25 per cent discount on Council Tax if they live alone.

The survey 22 per cent did not have any money saved for unexpected costs, such as repairing a broken boiler or paying for a dental emergency.

One in six would be interested in a benefits check to find out what they are entitled to, but wouldn’t know how to do it. Independent Age runs free benefits checks for anyone aged 65 and over who wants to find out more about what they might be able to claim.

The survey supported the launch of Independent Age’s new Moneywise guide, which provides practical advice and tips to older people, their families and carers on how to boost income and save money. The guide covers topics such as how to reduce bills, housing costs, travel costs, how to boost your income and understanding benefits and taxes.

The Independent Age Moneywise leaflet can be ordered for free via www.independentage.org/moneywise or by calling 0800 319 6789. Free benefits checks can be arranged by calling 0800 319 6789.

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